By Cody Good | Design Cynthia Tran Vo Key Takeaways China holds an estimated 1.4 billion barrels of strategic crude oil inventory, more than the next nine largest stockpiles combined. The U.S., Japan, and OECD Europe are the next-largest holders, reflecting decades of preparation for major oil supply shocks. Global strategic oil inventories are one …
Ranked: The World’s Largest Oil Stockpiles – Visual Capitalist Read More »
(Reuters) – U.S. producer Diamondback Energy bought options to sell the price difference between U.S. West Texas Intermediate crude and globally traded Brent crude at around minus $42 a barrel in coming months, according to the company’s quarterly filing, a bet that could pay off if the United States banned oil exports. The unusual hedge …
Diamondback Bets on Wider WTI-Brent Gap Amid US Export Ban Concerns Read More »
(Reuters) – U.S. LNG exporter Freeport LNG is expected to reduce output in the coming days due to unplanned maintenance at the Texas plant, twomarket sources said. The work at the third largest LNG export facility in the U.S. could last through May and have prompted the company to cancel three previously scheduled cargoes, the …
By Erwin Seba Oil benchmarks pare gains of as much as 3% Brent, WTI on course for falls of more than 7% for the week HOUSTON, May 8 (Reuters) – Brent crude futures jumped as much as 3% on Friday, a day after the U.S. and Iran traded air strikes, but pared gains as traders …
Oil Jumps After Renewed US-Iran Fighting, Then Pares Gains Read More »
By Mia Gindis Wall Street is growing more convinced that shipping through the Strait of Hormuz will remain impaired into the second half of the year, highlighting expectations for a longer-lasting supply shock. A majority of surveyed investors expect flows through Hormuz to be disrupted beyond the end of June, and 43% of respondents don’t …
Hormuz Woes Seen Lingering Into Second Half, Goldman Poll Shows Read More »
By Julian Lee and Alex Longley No region of the world produces more oil and gas than the countries straddling the Persian Gulf. Most of this energy can only be exported aboard tankers that cross the Strait of Hormuz — a waterway that’s effectively been blocked for more than two months. Iran has throttled traffic …
COMMENTARY: How the Strait of Hormuz Has Become a Weapon of War Read More »
By Amanda Stephenson Enbridge eyes $10-20 billion in new capital investments over next 24 months Company views rival Canadian pipeline proposals as a sign of industry confidence and growth CEO Greg Ebel highlights surge in demand for crude oil export capacity at Ingleside terminal May 8 (Reuters) – The investment climate for energy infrastructure in …
Enbridge Sees Best North American Energy Investment Climate in Over a Decade Read More »
(Reuters) – China’s foreign ministry confirmed on Friday that an oil products tanker carrying Chinese crew was attacked in the Strait of Hormuz, and expressed deep concern about vessels affected by the ongoing conflict in the Middle East. There are Chinese nationals aboard the vessel, but no reported crew casualties so far, foreign ministry spokesperson …
China Confirms Attack on Oil Tanker in Strait of Hormuz Earlier This Week Read More »
(Reuters) – A suspected oil spill covering dozens of square kilometres of sea near Iran’s main oil hub of Kharg Island has been seen on satellite imagery this week. The likely spill – appearing on images as a grey and white slick – covered waters to the west of the 8-kilometre (5-mile) long island, pictures …
Suspected Oil Spill Seen on Satellite Images Near Iran’s Kharg Island Export Hub Read More »
(Reuters) – Canadian crude oil pipeline company South Bow said on Friday it is beginning efforts to obtain required permits across the U.S. route of its Prairie Connector project. The Alberta-to-Wyoming pipeline would use portions of pipe already installed in Canada as part of the cancelled Keystone XL project. South Bow said on a conference …
South Bow Working to Secure Required Permitting for Canada-US Oil Pipeline Proposal Read More »
